Is there a place for the agent to discuss or explain why Zillows' low estimate is so off base.

I am wondering if there is a place to adjust price estimate or at least have it adjusted by explanation of amount.? I do know clients are looking on Zillow and such search engines. I would like to utilize the spot. Thanks for your assistance.
  • April 04 2011 - Chattanooga
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Answers (2)

Profile picture for wetdawgs
There are three things you can do:

a.  Make sure all home facts are correct.

b.  Make sure comps used are good comps (manual selection is often better than computer selection).

c.  Make sure the "owner's estimate" feature reflects the appropriate upgrades.

If any of "a" or "b" affect the Zestimate, it make take several weeks to several months to be reflected in the number on the screen.

The final thing you can do is to spend time in verbal education.  In most areas, 70% of the homes are sold within 20% of the Zestimate.   For a statistical model using only the publicly available facts, that is excellent.   (When we sold a while back, the 3 CMAs gave us a 30% range, and we sold 10% higher than the highest CMA (and 3% off the Zestimate) - this was not at the peak of the market, so I don't consider CMAs any better than Zestimates.)
  • April 04 2011
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You just have to understand and teach your clients that the Zestimate is an aggragate data collection and cannot adjust for differences between homes.  Median error is greater than 10% in many areas.  Only 23% of homes in TN are sold within 5% of Zestimate.

Check out the link and provide to clients if they need stats
http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm

You can also create your own estimate using the Zestimate by providing additional info and choosing comps, although I've found it unreliable.
  • April 04 2011
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